Malaysia's Ekuinas sells 20% stake in Alliance Cosmetics to Navis

Ekuinas first invested in Alliance alongside Navis in 2010; the two firms paid MYR40 million for a combined stake of about 80%, with Ekuinas holding a 25% stake in the acquisition vehicle. The exit gives Ekuinas an IRR of 9% and a 1.55x multiple, according to a statement.

Alliance launched its trademark brand SilkyGirl in 2005 after serving as distributor for global brands such including Revlon and Wet n' Wild in Malaysia, Singapore and Brunei, aiming to gain an edge in Southeast Asia thanks to its expertise in the local market. Within two years it was the market leader by sales volume in Malaysia and ranked third in sales value.

During Ekuinas' holding period, the company has accelerated its expansion into Indonesia, forming relationships with department store chain Matahari and convenience store operator Indomaret and building a nationwide marketing campaign involving Indonesian pop stars. Alliance also brought in a new CEO to replace retiring founder Thiam Hock Tan.

Ekuinas, founded in 2009, aims to support the next generation of leading Malaysian companies. It invests across a range of industries, including consumer products and services, education, manufacturing, energy and retail, seeking either majority or significant minority stakes. The Alliance sale marks Ekuinas' sixth exit since its founding; other recent exits include last year's sale of the Burger King franchises in Malaysia and Singapore for MYR74.6 million.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• Southeast Asia
• Consumer
• Trade sale
• Buyout
• Malaysia
• Ekuinas
• Navis Management
• Exit